ATLANTA, Sept. 24, 2015 – The Coca-Cola Company today took another significant step toward building
a stronger, more streamlined production system in its flagship market by announcing the formation of a new National
Product Supply System (“NPSS”) in the United States. The mission of the NPSS will be to facilitate
optimal operation of the U.S. product supply system for Coca-Cola bottlers in
order to:

Achieve
the lowest optimal manufactured and delivered cost for all bottlers in the
Coca-Cola system

Enable
system investment to build sustainable capability and competitive advantage

Prioritize
quality, service and innovation in order to successfully meet and exceed customer
and consumer requirements

Under the new NPSS, three
existing independent producing bottlers, Coca-Cola Bottling Co. Consolidated (“Consolidated”), Coca-Cola Bottling Company United (“United”), and
Swire Coca-Cola USA (“Swire”), as well as the Company-owned Coca-Cola Refreshments (“CCR”) along with
Coca-Cola North America, will be members of Coca-Cola’s National Product Supply
Group (“NPSG”). The NPSG will administer
key national product supply activities for these NPSS bottlers, which currently
represent approximately 95 percent of the U.S. produced volume.

“Our U.S. operating model
continues to become stronger, more aligned and more competitive. Today we are taking further action to enable
profitable growth for our entire U.S. system,” said Muhtar Kent, Chairman and
Chief Executive Officer, The
Coca-Cola Company. “We will leverage
the strengths and capabilities of the four largest producing bottlers in our U.S.
system, CCR, Consolidated, United and Swire to operate as one highly aligned
and highly competitive national product supply system.”

Under the initial terms of the
Letters of Intent, it is anticipated that each NPSS bottler will acquire certain
production facilities from CCR within their transitioning distribution
territories. Initially, it is
contemplated that CCR will divest the following nine production
facilities with an estimated net book value
of $380 million:

Consolidated
will acquire production facilities in Sandston, Va., Baltimore and Silver
Spring, Md., Indianapolis and Portland, In. and Cincinnati, Oh.

United
will acquire the production facility in New Orleans, La.

Swire will
acquire production facilities in Phoenix, Az. and Denver, Co.

The transition of these production
facilities from CCR to NPSS bottlers is anticipated to take place between 2016
and 2018. The sale of additional production
facilities from CCR to NPSS bottlers in previously announced transitioning distribution
territories will be considered in due course.
CCR’s territories will continue to be refranchised as previously announced
and decisions on any remaining production facilities in those territories will also
be considered at that time.

“The National Product Supply
System will benefit all of our U.S. bottling partners by driving our production
system to manufacture products at the lowest optimal cost,” said Sandy Douglas,
Executive Vice President and President, Coca-Cola North America. “The board of the NPSG will focus on
infrastructure planning, innovation planning, and optimal sourcing. Importantly, we believe the NPSS structure
allows us to leverage our significant system scale with the unique competitive
advantage of being able to act with speed.
This will be enabled by the outstanding commercial capabilities of a
strong local bottling system.”

The new transactions announced today are subject to the parties reaching
definitive agreements. The parties are committed to working together
to implement a smooth transition with minimal disruption for customers,
consumers and system associates.

About The Coca-Cola CompanyThe Coca-Cola Company
(NYSE: KO) is the world's largest beverage company, refreshing consumers with
more than 500 sparkling and still brands. Led by Coca-Cola, one of the world's
most valuable and recognizable brands, our Company's portfolio features 20 billion-dollar
brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater,
Powerade, Minute Maid, Simply, Georgia and Del Valle. Globally, we are the No.
1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice
drinks. Through the world's largest beverage distribution system, consumers in
more than 200 countries enjoy our beverages at a rate of 1.9 billion servings a
day. With an enduring commitment to building sustainable communities, our
Company is focused on initiatives that reduce our environmental footprint,
support active, healthy living, create a safe, inclusive work environment for
our associates, and enhance the economic development of the communities where
we operate. Together with our bottling partners, we rank among the world's top
10 private employers with more than 700,000 system associates. For more
information, visit Coca-Cola Journey at www.coca-colacompany.com, follow us on Twitter at twitter.com/CocaColaCo, visit our
blog, Coca-Cola Unbottled, at www.coca-colablog.com or find us on LinkedIn at www.linkedin.com/company/the-coca-cola-company.

Forward-Looking
StatementsThis press release may contain statements, estimates or projections
that constitute “forward-looking statements” as defined under U.S. federal
securities laws. Generally, the words “believe,” “expect,” “intend,”
“estimate,” “anticipate,” “project,” “will” and similar expressions identify
forward-looking statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from The Coca‑Cola Company’s
historical experience and our present expectations or projections. These risks
include, but are not limited to, obesity
concerns; water scarcity and poor quality; evolving consumer preferences;
increased competition and capabilities in the marketplace; product safety and
quality concerns; perceived negative health consequences of certain
ingredients, such as non-nutritive sweeteners and biotechnology-derived
substances, and of other substances present in our beverage products or
packaging materials; increased demand
for food products and decreased agricultural productivity; changes in the
retail landscape or the loss of key retail or foodservice customers; an
inability to expand operations in emerging and developing markets; fluctuations
in foreign currency exchange rates; interest rate increases; an inability to
maintain good relationships with our bottling partners; a deterioration in our
bottling partners' financial condition; increases in income tax rates, changes
in income tax laws or unfavorable resolution of tax matters; increased or new
indirect taxes in the United States or in other major markets; increased cost,
disruption of supply or shortage of energy or fuels; increased cost, disruption
of supply or shortage of ingredients, other raw materials or packaging
materials; changes in laws and regulations relating to beverage containers and
packaging; significant additional labeling or warning requirements or
limitations on the availability of our products; an inability to protect our
information systems against service interruption, misappropriation of data or
breaches of security; unfavorable general economic conditions in the United
States; unfavorable economic and political conditions in international markets;
litigation or legal proceedings; adverse weather conditions; climate change;
damage to our brand image and corporate reputation from negative publicity, even
if unwarranted, related to product safety or quality, human and workplace
rights, obesity or other issues; changes in, or failure to comply with, the
laws and regulations applicable to our products or our business operations;
changes in accounting standards; an inability to achieve our overall long-term
growth objectives; deterioration of global credit market conditions; default by
or failure of one or more of our counterparty financial institutions; an
inability to timely implement our
previously announced actions to reinvigorate growth, or to realize the economic
benefits we anticipate from these actions; failure to realize a significant portion of the anticipated
benefits of our strategic relationships with Keurig Green Mountain, Inc. and
Monster Beverage Corporation; an
inability to renew collective bargaining agreements on satisfactory terms, or
we or our bottling partners experience strikes, work stoppages or labor unrest;
future impairment charges; multi-employer plan withdrawal liabilities in the
future; an inability to successfully integrate and manage our Company-owned or
-controlled bottling operations; an
inability to successfully manage the possible negative consequences of our
productivity initiatives; global
or regional catastrophic events;and other risks discussed in our
Company’s filings with the Securities and Exchange Commission (SEC), including
our Annual Report on Form 10-K for the year ended December 31, 2014, and our subsequently
filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You
should not place undue reliance on forward-looking statements, which speak only
as of the date they are made. The Coca‑Cola Company undertakes no obligation to
publicly update or revise any forward-looking statements.

The Coca-Cola Company (NYSE: KO) is the world’s largest beverage company, offering over 500 brands to people in more than 200 countries. Of our 21 billion-dollar brands, 19 are available in lower- or no-sugar options to help people moderate their consumption of added sugar. In addition to our namesake Coca-Cola drinks, some of our leading brands around the world include: AdeS soy-based beverages, Ayataka green tea, Dasani waters, Del Valle juices and nectars, Fanta, Georgia coffee, Gold Peak teas and coffees, Honest Tea, Minute Maid juices, Powerade sports drinks, Simply juices, smartwater, Sprite, vitaminwater, and Zico coconut water. At Coca-Cola, we’re serious about making positive contributions to the world. That starts with reducing sugar in our drinks and continuing to introduce new ones with added benefits. It also means continuously working to reduce our environmental impact, creating rewarding careers for our associates and bringing economic opportunity wherever we operate. Together with our bottling partners, we employ more than 700,000 people around the world.

The fairlife® brand is owned by fairlife, LLC, our joint venture with Select Milk Producers, Inc., and fairlife’s products are distributed by our Company and certain of our bottling partners.